The phone – which is codenamed “Winner” internally – will have a 7-inch screen and will fold in half like a wallet. The device will also have a smaller display on the front that’s visible when it’s folded in half, according to the Journal.

The phone would likely cost more than $US1,500, the Journal reports. Currently, Samsung’s most expensive phone is the Galaxy Note 8, which starts at $US960.

For years, rumours have swirled about the foldable Samsung phone called the Galaxy X. Patents have suggested the phone would be closer to the size of a tablet when it’s unfolded, and would be thicker than most current smartphones.

In 2013, Samsung released the Galaxy Round – its first attempt at a smartphone with a curved display – to select Asian markets so it could learn from its mistakes to wow a larger population. The following year it released the Galaxy Note Edge, which had a single curved edge and it wound up serving as the blueprint for every curved-display device on the market.

The foldable phone isn’t the only new Samsung device on the horizon, however. Samsung is planning its Galaxy Unpacked event on August 9, where it will likely unveil the new Galaxy Note 9. The Journal also reports that we can expect Samsung to launch an Apple HomePod competitor around the same time: a $US300 speaker powered by Samsung’s smart assistant, Bixby.